Credit: Handel Architects

Millennium Partners broke ground for a new $1.3 billion tower yesterday in the Financial District, launching one of the largest construction projects in the state.

Officials say the skyscraper will generate more than 2,800 construction jobs and bring in over $15 million annually in property tax revenue.

Last month, Millennium Partners closed on its $102 million deal to purchase the site of the Winthrop Square garage from the city. Two weeks ago, developers for the 691-foot tower, Winthrop Center, cleared the last bureaucratic hurdle, receiving approval from the City Council. An additional $61 million is expected when the residential units are sold.

“This is a once-in-a-lifetime opportunity and this project sets the tone on how we want to continue to move in the city of Boston,” said Mayor Martin J. Walsh. “Our goal was to make sure that we get the best project we could for the city of Boston and, more importantly, the best deal for the people of Boston.”

The four-story public garage on the Winthrop Square site was “dilapidated” according to the Boston Planning & Development Agency’s assessment, forcing its closure in 2013. In 2016, the agency issued a new request for interest in the site, reviving hope of redevelopment.

Millennium Partners outbid other firms and secured the deal to develop the site, but confronted a litany of issues from the start.

There was the issue with the proposed height of 775 feet, which would present issues for flight operations at Logan International Airport. Then came the issue surrounding the shadow cast by the building's height and location over the Boston Common and Public Garden. The city and state Legislature ultimately approved a home-rule petition that OK’d the tower.

The building, spanning a combined 1.56 million square feet, will be a mixture of commercial, office and residential units. Developers expect 500 residential units, 750,000 square feet of office space, and a 550-space underground garage.